The recent surge in the value of cryptocurrencies has drawn attention to the millions that are being made by investors in altcoins like Bitcoin, Ethereum, and LiteCoin. It makes for a nice headline, but these stories rarely delve into the underlying technology that enables cryptocurrencies, a technology that could be as transformative as the internet: the blockchain.
I know what you're thinking: What does this have to do with campaigns? Well, lots. At least, eventually.
At its core, blockchain is a database. Boring? Not really, actually. Blockchain is a new type of database developed in 2008. What makes it different? Blockchain is a shared database where entries can be verified, and trusted, without a central authority like a bank, or Google. This is achieved by advancements in cryptography, the way data is protected online.
In a public blockchain like Bitcoin, the database is accessible to anyone with an internet connection. While anyone can view, and store copies of the database, they cannot remove, or modify entries once they are on the blockchain. This eliminates the need for the central authority to secure and manage your data, as well as the risk that entries are tampered with.
In short, blockchain will put individuals in control of their own data, not companies like Google, Facebook, Chase, and Equifax. Blockchain technology will also enable far greater transparency, and security to data that’s publicly available since it’s very good at protecting data that should remain private.